Is this feasable?

huwwatkins

I am looking to buy a house that is 85k under the affordable housing scheme, currently I have a deposit of 10k. However I only earn 16k a year. Am I likely to be able to get a mortgage? I have gone through a few comparison sites with my details and they come back with results but im not sure if that means anything.

Thanks

Huw

koexelek

You are looking at 4.68 times income.

Not totally impossible, but you would have to get an exceptionally high credit score with any lender to get that.

I don't rate your chances to be honest.
Four times income is more realistic

matte1234

I'd wait a while if I were you, house prices haven't really fallen much yet.

I reckon there's another 20-30% to come, why else would lenders be so twitchy about lending to exisiting borrowers with a good LTV? The bottom rung on the ladder is missing, something has got to give.

herbiesjp

Potentially you could get the mortgage.

However you would need to check if the mortgage at 75k will be afffordable not only now, but also in the future when rates have gone back up again